By Marta Lillo
Investors interested in St Kitts and Nevis have until next year to apply for its Citizenship by Investment program with a lower investment threshold as the island government has extended the deadline to apply for its citizenship under the Limited Time Offer (LTO), which reduces the threshold from US$150,000 to US$125,000 until January 31, 2024.
The LTO applies to applications utilizing the Sustainable Growth Fund (SGF) option, which allows international investors to secure a passport in an accelerated and cheaper approval process.
"The extension makes the St Kitts CBI Program exceptionally attractive as it is competitively priced and completing its robust and enhanced DD application processing in 60 days makes, which makes it a world-leading option," says Stacey Ann Aberdeen, a local agent and founder of Aberdeen Law.
The initial deadline for the LTO was June 30, 2023. However, high demand from discerning investors worldwide prompted the authorities to extend the offering for another seven months.
"We have received an overwhelming response and demand for our Sustainable Growth Fund investment option through the Limited Time Offer and felt that we had to extend the offering for another seven months…," said Michael Martin, the Head of the Citizenship by Investment Unit (CIU), in a statement.
An investor visa in St Kitts with a fast-track approval process
Under the extension, applicants can attain citizenship faster, bypassing the waiting periods associated with traditional immigration routes.
Investors can secure this option with a minimum contribution of US$125,000. The investment requirement increases to US$150,000 for the main applicant and their spouse and US$170,000 for up to three dependents.
"Investors who have interest in a second citizenship from St. Kitts & Nevis would find this extension attractive as it is discounted by US$25k from its usual cost. With any discount offered on any product CBI or not, persons will tend to believe they are getting a better deal and jump on the opportunity to purchase," says Kevin Hosam, Principal & Managing Director of EC Holdings.
The minimum SGF contribution would later revert to its previous amount, imposing higher financial commitments on individuals seeking investment citizenship. Also, the expedited review facilitated by the special program would no longer be included at no charge, as is the case with the LTO, potentially resulting in higher costs for investors seeking an accelerated application process.
What impact does St Kitts’ deadline extension have on the investment immigration landscape?
The speedy approval process positions St Kitts and Nevis' SGF as one of the fastest immigration programs globally. Also, it could lead to other CBI programs following in its footsteps, even though it might take some time, says Hosam.
"This extension can potentially trigger other CBI Programs to compete with the St. Kitts & Nevis LTO price point. However, I really don't see other CBI Units wanting to go down that road right now. St. Kitts & Nevis' Program is now on par with other CBI price points, and it will come down to investor preference and which program is the most inclusive for families," he adds.
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